Raycom Closes on Liberty Stations

TV station owner Raycom Media has closed on its $987 million acquisition of Liberty Corp.’s 15 affiliates.

To pass regulatory muster, the company has already said that it would sell off 12 of its stations after the acquisition, as well as two Liberty-owned outlets.
Raycom has cut deals to unload those two Liberty outlets, WWAY Wilmington, N.C., and KGBT Harlingen, Texas.  The company has estimated all the sales could fetch up to $600 million.

Privately held Raycom is trying to consolidate its holdings in the Midwest and Southeast. The Liberty acquisition gives Raycom eight NBC stations, five ABC and two CBS.

And the company may not be done shopping. “We are in the process of evaluating opportunities to pursue stations in state capitals, thriving southern cities and university towns,” CEO Paul McTear said in a statement.